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Hamilton's Average House Price Just Under $600,000

4th Dec 19

A lack of stock, a revitalised CBD and a positive economy helped push the average house price in Hamilton to $596,912 in November, according to the latest snapshot of the housing market.

The CoreLogic QV House Price Index found Hamilton saw a 5.5% year-on-year increase in average value, up 1.5% on the quarter and 0.8% higher than the month earlier.

"What we're seeing is a Hamilton market that's continuing to perform, continuing to grow, we've seen sales continue to grow, our auction room is busy," said Simon Anderson, managing director of Bayleys Eves Waikato and Bay of Plenty.

He said Hamilton continued to benefit from its proximity to Auckland and that work to revitalise the CBD "brought a new energy to the city".

He said low interest rates had also prompted a return of first time buyers and investors to the market with both "seeing good value in residential properties".

Anderson's view was echoed by Lodge Real Estate managing director Jeremy O'Rourke.

"Certainly price is on the increase, on the up and still have upward pressure on them."

O'Rourke also cited the low interest rate environment for stimulating the market, and a lack of available stock.

He also said infrastructure projects were bringing companies and employees into the area, drawn by "broad economic drivers and an attractive lifestyle".

"I'm really, really confident. We certainly expect this to continue," he said.

CoreLogic head of research Nick Goodall said their confidence prices would continue upwards was justified.

"There's a low number of properties listed, there's just not that much supply," he said.

According to the report all Hamilton districts saw prices rise, with Hauraki seeing a 6.9% rise in the year to November.

"Buyer demand is continuing to put pressure on lower end property stock, particularly properties that require little or no maintenance and it is becoming increasingly familiar to see multiple offers on one listing," said QV senior consultant Jarrod Hedley.

"With market conditions allowing more people to enter into the lower end of the market, this trend may continue moving into the New Year."

Tauranga was leading the pack across the Bay of Plenty, with the average value hitting $760,560, a yearly rise of 6.5%.

However, according to Anderson, Rotorua, Te Puke and Whakatane are also seeing prices rise.

"Last year has been pretty positive," he said.

"People see good value in Rotorua, Te Puke has become very popular, commutable and desirable".

Anderson cited business growth, sub divisions and some "pretty prime real estate" for an increase in activity in the Whakatane market.

Goodall said the BOP region was mainly seeing growth in areas close to the main centres, and said that while he expected to see steady price rises, a bigger pool of potential buyers would stop prices rocketing.

While the consensus for the market remained positive, Anderson did highlight one possible stumbling block with the coming election.

"Especially around MMP if there's no decision made quickly. People say just wait and it stalls the market."

 

For the full article and more up to the minutes news, visit stuff.co.nz.

 

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Filed under Hamilton / Waikato \ Real Estate

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